IRELAND: Central Bank Publishes UCITS Notices

Friday May 3 2013

The Central Bank has produced a series of UCITS Notices in order to:

i. explain and clarify various aspects of the Regulations; and

ii. set down conditions not contained in the Regulations with which UCITS must conform.

This series of UCITS Notices must be read in conjunction with the Regulations. UCITS must comply with all of the provisions of the Regulations not just those provisions referred to in the Notices. Where individual Regulations are quoted the Notices are intended to act as guidelines. In the event of any difference or discrepancy between the Notices and the Regulations the provisions of the Regulations will prevail.

The following points should be noted:

1. Collective investment schemes other than UCITS may be established as unit trusts, under the Unit Trusts Act, 1990, investment companies under the Companies Act, 1990 Part XIII, investment limited partnerships under the Investment Limited Partnerships Act, 1994 and common contractual funds under the Investment Funds, Companies and Miscellaneous Provisions Act, 2005. The Central Bank has issued a separate set of Notices for collective investment schemes other than UCITS.
2. These UCITS Notices also apply to the marketing, in Ireland, of a UCITS established in another Member State.
3. Obligations imposed on a UCITS under the Regulations and under these Notices are, in the case of a self-managed investment company, obligations of the investment company and in the case of unit trusts and common contractual funds or investment companies that have appointed a management company, obligations of the management company.

The Central Bank also provided a list of interpretations and definitions for clarification purposes.

Please see the babove link for more details.